Agenda item

Report of the Executive Director – Corporate Services and Commercial

The Cabinet considered the report of the Executive Director – Corporate Services and Commercial informing the Cabinet of:

1)    The current position relating to the 2024/25 revenue budget.

2)    The current forecast on Council Tax and Business Rates collection for 2024/25.

3)    The monitoring position of the Council’s capital programme to the end of June 2024:

·       The forecast expenditure to year end.

·       Variations against the approved budgets and an explanation of those variations for consideration by Members.

·       Updates to spending profiles and proposed amendments to capital budgets necessary to ensure the efficient delivery of capital projects.

4)    The latest prudential indicator information for 2024/25.

Appendix A to the report set out the Capital Programme 2024/25 to 2026/27

Decisions Made:

That

Revenue Outturn

(1)      the current position relating to the 2024/25 revenue budget be noted;

(2)      the actions being taken to refine forecasts and identify mitigating efficiencies to ensure each service achieves a balanced position, be noted;

(3)      the financial risks associated with the delivery of the 2024/25 revenue budget be recognised and it be acknowledged that the forecast outturn position will continue to be reviewed, and remedial actions put in place, to ensure a balanced forecast outturn position and financial sustainability can be achieved;

Capital Programme

(4)      the spending profiles across financial years for the approved capital programme, as set out at paragraph 7.1 of the report, be noted;

(5)      the latest capital expenditure position as at 30 June 2024 of £12.106m, as set out at paragraph 7.12 of the report, and the latest full year forecast is £85.497m, as set out at paragraph 7.13 of the report, be noted;

(6)      the Council be recommended to approve a supplementary capital estimate of £0.022m for the Enterprise Arcade project funded by capital receipts, as set out at paragraph 7.7 of the report;

(7)      the Council be recommended to approve a supplementary capital estimate of £0.498m for the ICT Cyber Security project funded by external borrowing, as set out at paragraph 7.8 of the report;

(8)      the Council be recommended to approve a supplementary capital estimate of £0.128m for the Committee Meeting Microphone and Live Streaming System funded by external borrowing, as set out at paragraphs 7.9 – 7.10 of the report;

(9)      the Council be recommended to approve a supplementary capital estimate of £0.040m for the Red Rose Park works funded by capital receipts, as set out at paragraph 7.11 of the report;

(10)    it be noted that capital resources will be managed by the Executive Director - Corporate Services and Commercial to ensure the capital programme remains fully funded and that capital funding arrangements secure the maximum financial benefit to the Council, as set out at paragraphs 7.16-7.18 of the report; and

Prudential Indicators

(11)    the forecasts for the Prudential Indicators relating to capital expenditure and financing as at 30th June 2024 be noted.

Reasons for the Decisions:

To ensure the Cabinet was informed of the current position in relation to the 2024/25 revenue budget.

To provide an updated forecast of the outturn position with regard to the collection of Council Tax and Business Rates.

To keep Members informed of the progress of the Capital Programme against the profiled budget for 2024/25 and agreed allocations for future years.

To progress any changes that were required in order to maintain a relevant and accurate budget profile necessary for effective monitoring of the Capital Programme.

To approve any updates to funding resources so that they could be applied to capital schemes in the delivery of the Council’s overall capital strategy.

To ensure the Cabinet was informed of prudential indicators, key performance information and key risk management areas.

Alternative Options Considered and Rejected:

None.